The market here is pretty hot for rentals.

This is an area-specific question, however, in my experience in California, 2-4 bedrooms are rented like hot cakes, while one bedroom and 5+ bedrooms are slower to rent. 

Its a hot market in my area and need to get going I know....

I was thinking auctions, foreclosure websites(but I can't find them)I put "we buy houses" signs out to test the waters and got whole sales calling, which could work, but I just want great deals and help with financing.

I was thinking auctions, foreclosure websites(but I can't find them)I put "we buy houses" signs out to test the waters and got whole sales calling, which could work, but I just want great deals and help with financing.

Hello BP Members.I have a Quadruplex currently for sale 4 unitsTenant Occupied(3 tenants)Concrete Block2828 sq ft0.5 acre lot(can fit another 3000sq ft building on property)Water Well Connection15,300 gross income(with 3 tenants)7.00% Cap RateRepairs estimated at $25kAsking Price $50,000Price Negotiable/Accepting Offers

We also thought of Grand Rapids Michigan based on the forums and other top 10 lists of hot real estate markets.Do you guys have any advice for a newbie, first time investor looking to invest out of state? 

Both of your target cities are very hot fix and flip areas.My personal investment strategy is in alignment with @Derek Martin.

A lot of that RE value stabilization came around as the banks slowed up their selling of defaulted positions, increased their reserves to deal with the default and could get their heads above water and off the regulators lunch plates to focus on future business.Much of the craze we have now, especially that in the more private street level investor market is very recent.  

Bay area housing is too hot (risky?)